Bartholomeusz: Today Woodside reported record revenue and earnings, with earnings rising 7.5 per cent to $US873 million in the June half. More impressive, however, is the group's underlying financial position. It halved its gearing to 26.4 per cent and built up its cash reserves from $611 million to $US1.8 billion. It generated $US1.5 billion of cash flow and paid a special dividend with a payout ratio to 80 per cent of its underlying net profits. In a resources sector plagued by high costs, lower prices and considerable uncertainty, the group is in a very strong position, with lots of future growth options and the balance sheet to exercise them. Read more: (VIEW LINK)